Global Market for Contactless Payments - Industry Segment, Trends and Forecast Up to 2020
Efficiency, reliability and speed are the major cornerstone for modern economy. Cash dominated the world's payment history for centuries. Today, as consumers want payment through mobile phones and online, there is increase in shift towards the cashless society. Contactless payment allows payment of transactions without any physical connection between point of sales terminal and consumer payment device. Additionally, contactless payments are perceived to be significantly faster than cash transactions or Chip & PIN transactions thereby reducing the queuing time.